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Investor Presentation

March 1, 2022

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Safe Harbor Statement

This presentation and discussion contain forward-looking statements, including our expectations for the future market for our products, revenues, profits, and other results that are forward-looking statements under the SEC’s safe harbor provision. These forward-looking statements are based on management’s current expectations and are subject to the risks inherent in our business. These risks are described in detail in our Form 10-K annual report and other SEC filings. Our actual events and results may differ materially from our current expectations. We do not assume any obligation to update these forward-looking statements.

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Implantation Global Support

Axcelis at a Glance◼ Global leader in technology development and manufacturing of ion implant systems and services for the semiconductor

industry for over 40 years

• Serving the approximately $2B ion implant systems market

• Based in Beverly, MA with headcount of greater than 1100 worldwide

• Global infrastructure supporting customers in 32 countries

• Growing installed base of over 3200 tools

• Strong IP portfolio with >800 patents

◼ Supplier of record to leading semiconductor CAPEX spenders in all market segments including DRAM, NAND, Foundry, Logic, Power and Image Sensor

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Recent Axcelis Technologies Recognition

Axcelis Named to Forbes’ List of America’s Best Small-Cap Companies for Second Consecutive Year - Ranking #21 Out of 100 Companies

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Q4/FY2021 Highlights & Summary◼ Strong financial performance with record annual revenue, operating profit and gross margin since becoming an

independent public company in 2001

• Revenue of $205.7M/$662.4M and EPS of $1.05/$2.88

• Systems revenue of $147.3M/$454.6M

• Gross margins 43.5%/43.2%

• CS&I revenues of $58.4M/$207.8M

• Year end cash balance of $295.7M

◼ Achieved $650M revenue model two years ahead of plan

◼ Axcelis expects to achieve a quarterly revenue run rate of $850M in 2022

◼ Mature process technology represented 82% of 2021 system shipments

• Expect mature process technology to represent between 70% and 80% of 2022 systems revenue

— Power device segment expected to represent 25% to 30% of 2022 systems revenue

• The Purion Power Series continues to gain significant traction in the SiC market

◼ Opened Axcelis Asia Operations Center in South Korea in November 2021 and shipped first Purion XE in January 2022

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Q4 and Year End 2021 Financial Results and Outlook (GAAP)

Q4 2021 FY 2021 Q1 2022 Outlook

Revenue $205.7M $662.4M ~$193M

Gross Margin 43.5% 43.2% ~43%

Combined R&D and SG&A Expenses 20.9% 24% ~22%

Operating Profit $46.6M $127.3M ~$41M

Net Income $35.7M $98.7

EPS $1.05 $2.88 ~$0.92

Total Cash $295.7M

Debt $0

Inventory $195M

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Target Business Model (GAAP)

* The model is not a forecast of results but is intended to be indicative of the annual results Axcelis may achieve based on our strategic objectives

Revenue$410.6M2017(A)

$442.6M2018(A)

$343.0M2019(A)

$474.6M2020(A)

$662.4M2021(A)

~$850MModel*

~$1BModel*

Gross Margin 36.6% 40.6% 42.0% 41.8% 43.2% 43-45% 45-46%

Total OPEX 24.9% 27.0% 35.0% 29.6% 24% 21-22% 20-21%

Operating Profit 11.7% 13.5% 7.1% 12.2% 19.2% 21-24% 24-26%

Free Cash Flow(Cash From Operations – Capex)

11.9% 9.5% (7.5%) 13.2% 21.4% >20% >22%

New Models take Axcelis to ~$1B over the next several years

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Strong Market Conditions Expected to Continue◼ Semiconductor golden age continues

• All segments continue to grow

• High fab utilization is required to support these overall strong market conditions, driving significant systems capacity additions and a very strong service business

• Unprecedented Capex spending levels continue to rise

◼ Fundamental growth drivers for long-term cycle

• Communications - 5G, phones, Internet of Things and Data analytics, AI, visualization, Metaverse

— Mature devices, NAND, DRAM, Advanced logic

• Electrification of the automotive industry with ADAS (Driver Assist) – “Computer on Wheels”

— Power devices and image sensors

◼ Additional accelerants to the near-term rapid growth

• Device shortages impacting many industries causing additional investment in 2022

• Geographical fab expansions over next several years driven by nationalism and government incentives

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Purion Continues to Drive Axcelis’ Growth

Unprecedented market conditions

Growing implant TAM

Differentiated product portfolio

Continuous innovation

Strong balance sheet

Strong manufacturing capability

Strong customer relationships

Quality focused

Great employees

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Purion – The Core of Our Growth Strategy

Purion products targeted at high value applications and market segments

Targeted Market Segments

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Purion Power Series – Enabling Advanced Power Device Technology

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Purion Image Sensor Series – Enabling Advanced CIS Device Technology

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◼ The mature process technology segment saw significant growth in 2021, accounting for 82% of Axcelis systems revenues

◼ Expect to further penetrate Advanced Logic process flows with solutions for challenging implant requirements, but bulk of growth will be in out years

◼ In 2022 memory will recover to revenue levels comparable to the last peak

◼ The mature process technology segment is expected to make up 70% - 80% of Axcelis systems revenue in 2022

Axcelis will Experience Strong Systems Growth in Targeted Market

Segments again in 2022

Targeted Purion product investments made 5+ years ago paying off handsomely

Memory – 17%Mature Process Technology – 82% Advanced Logic - 1%

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Multiple Initiatives will Accelerate Purion Growth across All Markets◼ Geographic expansion

• China emphasis on mature process technology and memory applications for large, diverse group of both domestic and multinational customers

• Japan focus on power devices, image sensors and NAND

◼ Purion footprint growth at our existing customer base

• Adding Purion product types

• Expanding served applications through joint development targeting improved device performance and higher productivity

◼ New implant applications

• Collaborating with customers and industry peers to develop novel uses for ion implant

◼ Additional Korean manufacturing capacity closer to our customers to support our new business model growth targets

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Accelerated Purion Systems Evaluation Activity◼ Three Purion evaluation systems currently in the field with additional systems expected to ship in 2022

• Located at strategic customer sites in key market segments

◼ Closed 4 evaluations in Q4 2021

• Purion Dragon – DRAM

• 2 Purion H – Advanced Logic and NAND

• Purion XE SiC – Power Devices

◼ Shipped Purion M evaluation for DRAM application in Q4 2021

◼ Continued successful evaluations of new products in key markets will drive Axcelis to the $1B target model objective

Memory Mature Process Technology Advanced Logic

TotalSystemsDRAM NAND Image Sensor Power Device

High Current 0

High EnergyPurion XEmaxPurion XEmax

2

Medium Current Purion M 1

Total Systems 1 2 3

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AXCELIS ANNOUNCES SUCCESSFUL CLOSURE OF

PURION DRAGON EVALUATION TOOL

BEVERLY, Mass., Feb. 1, 2022 -- Axcelis Technologies, Inc. (Nasdaq:

ACLS), a leading supplier of innovative, high-productivity solutions for the

semiconductor industry, announced today the successful closure of a

Purion Dragon™ high current evaluation tool at a leading memory

manufacturer. The Purion Dragon™ has a revolutionary high current

implanter architecture, featuring innovative orthogonal beam optics,

designed for advanced memory and logic applications. With the closure of

this evaluation, Purion Dragon is now qualified for high volume production

of both DRAM and NAND memory devices with this customer. The

evaluation closed in the fourth quarter of 2021.

AXCELIS ANNOUNCES INTRODUCTION OF THE

‘GSD OVATION’ HIGH CURRENT AND HIGH ENERGY

BATCH IMPLANTERS

New Configuration Designed to Support the Surging 200mm

Market

BEVERLY, Mass., Nov. 2, 2021 -- Axcelis Technologies, Inc. (Nasdaq:

ACLS), a leading supplier of innovative, high-productivity solutions for the

semiconductor industry, announced today the introduction of the GSD

Ovation™ high current and high energy batch implanters. Based on the

highly successful GSD Series of implanters, the industry benchmark for the

longest manufactured and supported batch ion implanter, the new GSD

Ovation systems are designed to support the growing 200mm new fab

construction and expansion activity.

AXCELIS ANNOUNCES MULTIPLE SHIPMENTS OF PURION

HIGH CURRENT, HIGH ENERGY AND MEDIUM CURRENT

SiC and Si POWER SERIES IMPLANTERS TO LEADING

POWER DEVICE CHIPMAKERS

Axcelis’ Leadership in the Power Device Segment Continues to

Expand

BEVERLY, Mass., Feb. 24, 2022-- Axcelis Technologies, Inc. (Nasdaq:

ACLS), a leading supplier of enabling ion implantation solutions for the

semiconductor industry, today announced multiple shipments in the first

quarter of the Company’s Purion H200™ high current, Purion EXE™ high

energy and the Purion M™ medium current Power Series™ implanters to

leading Si and SiC power device chipmakers. The shipments went to multiple

fabs located in Europe and Asia. The systems will be used in high volume

production of Si and SiC power devices.

AXCELIS ANNOUNCES MULTIPLE SHIPMENTS OF PURION

H200 SiC POWER SERIES IMPLANTERS AND CLOSURE OF

PURION XE SiC EVAL TOOL

Axcelis’ Leadership in the Power Device Segment Continues to

Expand

BEVERLY, Mass., Jan. 6, 2021-- Axcelis Technologies, Inc. (Nasdaq: ACLS), a

leading supplier of enabling ion implantation solutions for the semiconductor

industry, today announced follow on shipments in the third and fourth quarters of

the Company’s Purion H200 SiC Power Series™ high current implanters to a

leading power device chipmaker. The shipments went to multiple fabs located in

Asia and Europe. In the fourth quarter Axcelis also successfully closed a Purion

XE Power Series SiC high energy implanter evaluation for a new customer

penetration in Europe. The systems at both customers will be used in high volume

production of SiC power devices supporting automotive device markets.

AXCELIS ANNOUNCES MULTIPLE PURION M

SHIPMENTS ON FOLLOW-ON ORDERS AND NEW

EVALUATION TOOL PLACEMENT

BEVERLY, Mass., Jan. 20, 2022-- Axcelis Technologies, Inc. (Nasdaq:

ACLS), a leading supplier of enabling ion implantation solutions for the

semiconductor industry, announced today multiple shipments of Purion

M medium current implanters to mature process technology device

makers. Additionally a new Purion M evaluation tool shipped to a

memory device maker. The systems shipped on various dates in the

fourth quarter of 2021 and the first quarter of 2022.

AXCELIS ANNOUNCES SUCCESSFUL CLOSURE

OF PURION H HIGH CURRENT EVALUATION AT

LEADING ADVANCED LOGIC DEVICE MAKER

BEVERLY, Mass., Dec. 6, 2021 -- Axcelis Technologies, Inc.

(Nasdaq: ACLS), a leading supplier of innovative, high-

productivity solutions for the semiconductor industry, announced

today the successful completion of a Purion H™ high current tool

evaluation at a leading advanced logic device manufacturer. The

system will support high volume production of logic devices.

Key Purion Placements in Target Segments

Supporting Long Term Revenue Growth and Margin Expansion

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Rapid Manufacturing and Supply Chain Growth

Enabled by Smart Capacity Planning and Execution

◼ Capacity Expansion

• Added additional clean manufacturing capacity at our Beverly factory

• Opened the Axcelis Asia Operations Center in South Korea on November 1, 2021

— Shipped 1st Purion XE in January 2022

• Numerous capital projects and kaizen events have been completed over the last 18 months to increase revenue dollars per square foot of space at our Beverly site

• Investing in our next phase of lean manufacturing with augmented reality and AI to improve productivity and capacity

• Planning for additional capacity that accommodates growth beyond our new business models

Axcelis Asia Operations Center in South Korea Opened November 2021

Beverly MA Headquarters Expanded Clean Manufacturing 2021

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Methodical Program-Driven Gross Margin Improvement

Purion Common Platform drives volume savings and reduced support costs

Leveraged additional volume with long term supplier contracts

Lean manufacturing and Kaizen improvements lower labor costs

Global Sourcing lowers material costs

Value engineering enables supply chain savings

Kaizen events drive further labor improvement in productivity

Quality and Reliability improvement lowers warranty and install cost

Purion product extensions provide higher ASPs

Increasing revenue from margin accretive CS&I

Expanding low cost sourcing to capture additional material savings

Shipping a higher mix of Purion Product extensions

Driving margin accretive revenue growth from CS&I

Evolving lean manufacturing with augmented reality and artificial intelligence

Leveraging value engineering and volume to drive lower costs

Quality Leadership IATF16949:2016

~34% to 40%

~41% to 43%

~43% to 46%

Margin Improvement Fueled by Reduction in Cost of Goods and Higher Purion Product Extension and CS&I Revenues

2015-2018

2019-2021

2022 and beyond

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Margin Improvement of Purion Products

Improves Overall Gross Margin and Reduces Mix-Induced Variability

2021 ~$850M ~$1B

Purion Systems Margin

High Current Medium Current High Energy

43.2% 43% to 45% 45% to 46%

Corporate Gross Margin

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Near Term Supply Chain Considerations◼ Focus on “On time material availability”

• Continuing to closely work with supply chain partners to ensure on time delivery. Added additional resources and qualified new suppliers in bottleneck areas

• Working with freight providers to add extra shipping lanes. Will take advantage of our new Korean factory to improve material flow

• Strengthened our logistics team and will continue to remain focused on delivery and lowering shipping costs

• Ongoing review of MRP lead times, enabling timely adjustments to ensure ability to meet customer requirements

• Buffering supply chain disruptions with inventory. Plan to continue to carry a higher than required level of inventory until we see sustained improvement across the supply chain

• Partially offsetting higher pandemic related costs with volume and value engineering

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Customer Satisfaction & Innovation (CS&I)

Drives Margin Growth and Customer Satisfaction◼ Significant contributor to Axcelis financials

• Expected to contribute revenues of ~$225M to the $850M and ~$250M to the $1B financial models

• Accretive to Axcelis corporate gross margins

◼ CS&I business revenues comprised of

• Contracts, time & material, repairs, spares & consumables, upgrades and used tools

◼ Customer Satisfaction programs driving continuous improvement

• Utilizing Voice of Customer (VOC) and key performance metrics

• CS&I is the face of Axcelis to our customers

◼ Committed to investment in CS&I to drive financial growth and increased customer satisfaction levels

• Continuous organizational development and performance improvement through training, certification, and hiring

• Innovative service offering ”Digital Tool Box” – online training, remote diagnosis and install and automated troubleshooting guide

— Software licensing for advanced features

— Data analytics to drive self testing and predictive maintenance

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Investing in Products, Infrastructure and Employees to Drive Growth◼ Axcelis has heavily focused R&D spending on Purion product development. Many new products and extensions have

been released and shipped to numerous first time and existing customers

◼ We will continue to invest R&D dollars on new Purion product extensions, CIP, field upgrades and new technologies

◼ Expect R&D to be funded at 9-10% of revenue in our target models

◼ Investing across the company to strengthen our business processes, capabilities and employee talent

• Upgrading many IT enterprise systems with new technology

• Focusing on software automation in several support areas

• Investing in employee development and training

• Continuing to align employee compensation with benchmark data

◼ SG&A as a percent of revenue is modeled lower as revenue grows

◼ Spending will be aligned with initiatives that fuel revenue growth and gross margin expansion

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Axcelis Capital Strategy◼ The company will continue to maintain a strong and healthy balance sheet while investing in initiatives that

are expected to drive strong revenue growth and gross margin expansion

◼ Have returned over $75M of cash to shareholders since 2019 through our share repurchase programs

◼ Board approved a new $100M dollar share repurchase program starting March 2022

◼ Have available a “well-known seasoned issuer” Form S-3 shelf registration statement covering future offering of common stock or other securities. As a WKSI, we can file a Form S-3 with the type and amount of securities to be specified in the future

◼ $40 million line of credit available – Have not drawn on this line to date

◼ Near term M&A will be focused on growing the implant business, but we will begin exploring M&A to grow beyond the $1B implant driven business model during the upcoming year

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Axcelis Technologies, IncNasdaq - ACLS